July 30, 2010
One Day On The Market (For The Eighth Time) At 188 South Park
Sorry folks, but it looks like we miscounted this past April when 188 South Park #7 was listed for what we thought was the eighth time without a sale since first being listed for $1,995,000 in 2006. In fact, it now appears that had only been the seventh.
∙ Listing: 188 South Park #7 (2/2) - $1,549,500 [MLS]
∙ Will The Eighth Time Be The Charm For 188 South Park Number Seven? [SocketSite]
∙ Oh So Sexy Showers [SocketSite]
∙ Would You Believe Fifteen For 830 El Camino Del Mar (And Not Million) [SocketSite]
∙ 4214 26th Street: A Nicely Remodeled Noe Valley Apple On The Tree [SocketSite]
First Published: July 30, 2010 2:45 PM
Comments from "Plugged In" Readers
188 South Park #3 sold May 28 for $1.2M according to MLS and $1.171 according to public records. Anyone have suggestions on the reason for the $29K discrepancy? (2.5% of $1.171, roughly) #3 is 2/2.5 1578 sqft with 2 parking spots and $300 HOA. #7 is short the half-bath and 65 sqft and has a $25 lower HOA.
If these guys had cut the price sooner, they probably would have gotten more than $1.5495. The last price was $1.525, so this is almost $25K up from listing #7.
Posted by: sfrenegade at July 30, 2010 3:21 PM
Financing for 188 South Park #7:
Nov. 2007 - First Republic & Merrill Lynch
Sept. 2006 - Union Bank
Dec. 2004 - Union Bank
August 2003 - First Republic
Appears to be current on payments. Gone fishin'
Posted by: EBGuy at July 30, 2010 3:41 PM
I love this home, I built it and I am offering it for sale.
188 South Park #7 is a top floor/ penthouse home with views of downtown and South Park and a huge wraparound view deck. It was designed and constructed as a private residence for the building’s developer in order to maximize architectural beauty and a feeling of interior spaciousness and utility. It has varying ceiling heights with some as high as approximately 20 - 25 feet and openings between floors to allow natural light to travel through the multiple levels. Unlike most condo's, this home was not built to maximize square footage and in fact would have been much less expensive to build if it had included more interior floor area as opposed to the openings and glass railings that make the home so appealing to those who love it.
Many architects have visited this loft to see an example of the principal designer’s work. Adele is now Dean of Architecture at MIT and has a wonderful reputation in architecture circles.
Loft #3 at 188 South Park recently sold for a reported 1.2 million. As pointed out by sfrenegade (who blogged earlier today), the public record indicates a sale price of $1,171,000. This is because #3 was purchased by a real estate agent who elected to pay any commission due to her brokerage firm outside of escrow. I expect that she knows a great building when she sees one. Loft #3 is a lower level unit that is more suited to commercial use. It was used by the prior owner and is being used by the purchaser primarily as an office. Historically, there has been an approximately 20 – 40% difference in price between the upper and lower units at 188 South Park. The last time sales of upper and lower units occurred in close proximity to one another was in late 2003 – early 2004. Loft #12 sold for $1,210,000 approximately 6 months after Loft #6 which is immediately below it sold for $850,000. From these sales you can extrapolate over a 40% premium for the upper level.
Note that Loft #12 did not have nearly the same quality views, interior finishes or openings to allow light to flow between floors that are enjoyed by loft #7. The HOA dues are the same for all units in the building. The $300 listed for unit #3 was an estimate. The actual monthly fee was $275.59.
Posted by: Jeff Hand at July 30, 2010 5:36 PM
Thank you, Jeff Hand, for providing so much information. Apologies if it sounded like I was criticizing the amount of square footage, but I was just making a comparison. This is obviously more than adequate for a 2/2 and given the design etc.
Posted by: sfrenegade at July 30, 2010 5:50 PM
Looks very nice. Good luck with it.
Posted by: sanfrantim at July 30, 2010 6:00 PM
How is the noise from 3rd street traffic? That's the hardest thing for me to swallow on anything over even $0.5M.
Posted by: J at July 30, 2010 6:21 PM
That was the best defense of an asking price on here I think I've ever seen... kudos to Jeff Hand for providing actual data, and not taking things personally.
Makes me want to check this place out, actually :)
Posted by: Po Hill Jeff at July 31, 2010 9:56 AM
"That was the best defense of an asking price on here I think I've ever seen..."
If it had sold at that price he wouldn't need to defend it.
Posted by: diemos at July 31, 2010 10:52 AM
easy with "defense" and "defend". be grateful when people share backstories, not judging. what's it to you?
Posted by: geoff the realtor at July 31, 2010 2:03 PM
"be grateful when people share backstories,"
Oh we are, we are.
"what's it to you?"
Just pointing out that the most compelling narrative in the world is for naught if Mr. Market says, "Nien."
(LOL. Damn I've missed you geoff.)
Posted by: diemos at July 31, 2010 2:25 PM
so you think about yourself as being a member of some sort of jury.
Posted by: geoff the realtor at July 31, 2010 2:39 PM
Mr. Market is the judge, I just read the verdict.
Posted by: diemos at July 31, 2010 3:11 PM
I don't think I'd take my valuation information from someone who hasn't been able to sell the place in 8 attempts over four years, despite his fascinating "backstory".
Posted by: tipster at July 31, 2010 3:33 PM
If you don't want to be judged, get off the internet. Anything anybody does or says in public space is fair game.
Posted by: MossySF at July 31, 2010 7:04 PM
. Market is the judge, I just read the verdict
Eh? No you don't because it's not over. It's a process.
Posted by: geoff the realtor at July 31, 2010 8:24 PM
You all can back and forth about how nice it is to have a lovely backstory, but the fact remains- and is left out of the listing pictures- that this condo overlooks a 24-hour gas station.
Posted by: Rocco at August 2, 2010 8:46 AM